MJardin Announces the Acquisition of Cannabella
DENVER and TORONTO, April 22, 2019 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (“MJardin” or “the Company”) (CSE: MJAR) (OTCQX: MJARF), a leader in cannabis production, announced today that it has entered into a definitive agreement (the “Transaction”) to acquire Carson City Agency Solutions, dba Cannabella, an operator of an extraction facility and producer of edibles and topicals in Carson City, Nevada.
The Transaction, which is expected to close in Q3 2019 will add extraction capabilities to MJardin’s current cultivation operations in Nevada, allowing the Company to use a portion of its cultivation output for extracts towards edibles, topicals and other potential product lines. In addition, Cannabella’s products are already in approximately 50 of the 60 retail dispensaries in Nevada, and the Company anticipates to expand its footprint to the new dispensaries being opened pursuant to the grant of approximately 50 additional licenses.
We are thrilled to welcome Cannabella to the MJardin Group, and very impressed with what Lucinda Mahoney and her team have created in the extraction and edibles market
noted Pat Witcher, President, NA Central/West of MJardin.
We look forward to integrating the Cannabella business into our operations, and welcome their talented staff to our team
This transaction is a positive step for us in the U.S. market. The addition of extraction capabilities improves MJardin’s market position and allows us to take advantage of diversifying our product portfolio by adding products such as oils and vapes to capture more of the value chain
noted Adrian Montgomery, Chairman of MJardin.
Cannabella joins the Company’s Nevada portfolio which currently includes “Cheyenne”, a 30,000 square foot cultivation facility in Las Vegas that is expected to reach its full production capacity of 5,779kg flower and 1,733kg trim per year in Q1 2020.
MJardin is a cannabis management platform with extensive experience in cultivation, processing, distribution and retail. For over 10 years, MJardin has refined cultivation methodologies, developed state of the art facilities and implemented vertical integration for and on behalf of license owners. MJardin is based in Denver, Colorado and Toronto, Canada. For more information, please visit www.mjardin.com.
Cannabella is a boutique cannabis extraction operator and producer of edibles and topicals located in Carson City, Nevada. Cannabella focuses on providing healthy alternatives for consumable and topical products including handcrafted edibles, culinary ingredients and topical salves. Cannabella prides itself in providing healthier options to their customers and produces vegan, low sugar, gluten free edibles as well as raw, organic culinary ingredients. Cannabella has exclusive licenses in Nevada for topicals and the fruity taffy lines. Cannabella products are available in the majority of dispensaries in Nevada.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release contains forward-looking information based on current expectations. Statements about, among other things, future developments and the business and operations of MJardin, our production capacity, our production results, trading of MJardin’s shares on the OTCQX Best Market, the closing of the Transaction, the receipt of any pending regulatory approvals or licenses, the growth of our global footprint and our intentions to leverage our scale for continued organic growth and to pursue strategic investments are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such factors include, but are not limited to: our ability to identify and pursue growth, financing and other strategic objectives, and the regulatory and economic environments in the jurisdictions we operate or intend to operate or invest in. Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that the proposed acquisition will occur and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. MJardin assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.